With a goal to systematically advance the "Restaurant with Peace of Mind Insurance" project, Thailand's insurance regulator, the Office of the Insurance Commission (OIC), is promoting access to insurance as a risk management tool among small and medium-sized enterprises (SMEs) in the food and beverage (F&B) sector and use insurance as a risk management tool.
OIC deputy secretary-general for intermediary supervision and regional insurance Wasumdee Wasinon revealed that following a successful pilot in Khon Kaen Province, an action plan is being developed in collaboration with the insurance industry.
The initiative will also include the development of supporting technology systems, including the development of a system for recording data among participating restaurants, which will set new standards for risk management in the F&B segment. The system is expected to be completed and operational in 4Q2025.
Ms Wasinon added that the OIC has continuously emphasised the promoting of insurance knowledge through agents and brokers, as well as developing products appropriate for the context of the population and nature of business in each region.
This is particularly true for the tourism and restaurant sectors, which play a crucial role in the national economy and aligns with Thailand’s push to become a gastronomic destination.